BaySand to develop new cryptocurrency mining ASIC chips

STX Corp. is tapping into the cryptocurrency market to develop Bitcoin mining hardware together with technology consortium partners.

STX announced Sunday that it signed an agreement with BaySand, a Silicon Valley-based application specific integrated circuit (ASIC) development firm and Singapore-based QRF Solutions, which is a part of the Blockchain Defense Patent License (BDPL), to develop its first Bitcoin mining hardware “Hanminer.”

STX Corp. is the holding company of STX Group. The firm has been engaged in general trading such as energy, shipping, logistics and commodities including metal, steel, machinery and engine industries.

ASICs are chips built into specifically designed motherboards and power supplies in a single unit. As one of the world’s leading ASIC development companies, BaySand will deliver the cryptocurrency ASICS platform.

STX said it will launch the Bitcoin mining chips on the market by the first quarter of next year. With the agreement, STX will be in charge of the overall sales and marketing flow of Hanminer.

“We want to tell the world that STX is committed to its partners to be a strong contender in the cryptocurrency market, and we will be partners for cross border commodity settlements in cryptocurrency,” CEO Park Sung-jun said in a statement.

The firm said the agreement came at a time when there has been an increasing need for cross-border transactions to be settled in a decentralized and quick manner.

“There is a great opportunity for the best and most efficient Bitcoin ASICs to benefit the blockchain industry as a whole, delivered with the strong ASIC engineering background of BaySand,” said BaySand CEO Salah Werfelli. “We want to make it a reality, a truly efficient miner, emphasizing efficient use of resources, good build quality as well as software security,” said Good Oh, CEO of QRF, headquartered in Singapore.